Dubai developer Emaar Properties is “very seriously eyeing entering into the real estate market of China”, it announced on Thursday.
The company is currently engaging in discussions with many Chinese state-owned companies and evaluating projects in a number of provinces and cities, such as Hainan, Jiangsu, Chongqing, Guangdong, Beijing and Shanghai, it said in a statement.
To finance its expansion in the market, Emaar has signed a three-way memorandum of understanding (MoU) with China’s biggest lender Industrial and Commercial Bank of China (ICBC’s) Dubai branch and Emirates NBD during the ongoing Belt and Road conference in Beijing.
The cooperation will include financial services support for Emaar’s development in China as well in all countries in the ‘Belt and Road’ initiative.
It will also include joint exploration of urban developments and the creation of living communities in China, the statement said.
Dubai-listed Emaar currently has a presence in several international markets including India, Lebanon, Egypt, Morocco, Pakistan, Saudi Arabia, Turkey and the US.
Late last year, the company said it had begun business development operations in China.
Emaar said it had recruited business development staff from Chin and started the design and fit-out of two offices in Beijing and Shanghai.
The showrooms will promote Dubai and the UAE as an investment destination and its projects including its 6sqkm Dubai Creek harbour development, which is set to feature the Middle East’s largest China town.
The UAE has a high-level delegation participating in China’s three-day Belt and Road conference, led by Vice President and Prime Minister and Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum.
On Thursday, Sheikh Mohammed also met with Chinese President Xi Jingping and discussed enhancing bilateral ties between the two countries.